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USA Today: Who Wants To Be A BILLIONAIRE!?!?


DM72

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  It takes money out of the hands of the poor, desperate and mathematically unschooled so that the government can be funded without taking money from the well-off.      

You copied and pasted this part from the GOP Manifesto, didn't you? 

Is there a need to take the cash option with a prize this enormous?  Seems like unless you really know how to manage money finding a home for that much cash all at once would be a bear of a task.  Plus, the annuity at this point has to be something like 40 million a year right?

Yeah, I would take lump sum because you don't know if the lottery may become insolvent over the next two decades. Why risk it? Illinois Lottery, I believe, has had to give an IOU on occasion.

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I like everyone posting on FB that it could be broken down to 4 million bucks for every person in America.

Yep, education ain't no problem.

I'd have the greatest animal sanctuary and I'd blast vegan advertising all over the place and invest in education.

I could save a lot of lives with that.

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I would take the annuity anyday. After paying taxes on the lump sum payment you have to earn about a 10% return on what's left to make as much as the annuity. I would much prefer the freedom of knowing there's a guaranteed 50+ million coming my way every year for the next 25 years than have to manage 500million in investments.

Why would one even need to "invest" with a largesse like this? So you take home $750M, in a simple savings acct returning 1% that's still $7.5M per year in interest alone (but you'd have to pay capital gains on that) but I can still manage on $3M/year. I'd survive somehow. 

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Why would one even need to "invest" with a largesse like this? So you take home $750M, in a simple savings acct returning 1% that's still $7.5M per year in interest alone (but you'd have to pay capital gains on that) but I can still manage on $3M/year. I'd survive somehow.

Oh boy, you need to look up FDIC limits. :lol:

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I guess I'll buy one.   It will give me some fun daydreams for the next couple of days, and if fortune is going to smile on me, I need one ticket in order to have a chance.

 

But if you are buying a bunch of tickets, you are getting burned.  

 

 

True, it is technically not a tax.   But the regressive effect is the same.  It takes money out of the hands of the poor, desperate and mathematically unschooled so that the government can be funded without taking money from the well-off.      

 

Exactly right about buying one.  For $2, it is worth having some fun and thinking about building a giant high-rise next to dallas stadium to hide the sun from ever shining on it again. :D   And hey, so I skip an extra soda - no big deal.

 

My high school math teacher told us that lotteries are a tax on the mathematically challenged.  His analogy was that winning the lottery was like walking on a mile long beach and finding the exact, one grain of sand that was chosen to be the winner. 

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They won't cover the 50M in annuity payments either? What's your point.

 

That's just what they will insure you for, NOT what you can deposit. 

Just open up 7,500 individual accounts of $100k each. Problem solved!

 

I know two people who have hit jackpots.

I worked with a man who hit 19.6 million on mass millions and i work with a man who's father hit 10 million on a scratch ticket.

I seem to have plenty of lucky friends,not so much for me unfortunately.

My wife has a relative who won a few mil back in the 80s. They did the 20 year annuity. Worked out well for them.

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I know two people who have hit jackpots.

I worked with a man who hit 19.6 million on mass millions and i work with a man who's father hit 10 million on a scratch ticket.

I seem to have plenty of lucky friends,not so much for me unfortunately.

 

Can I be your friend? 

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Why would one even need to "invest" with a largesse like this? So you take home $750M, in a simple savings acct returning 1% that's still $7.5M per year in interest alone (but you'd have to pay capital gains on that) but I can still manage on $3M/year. I'd survive somehow.

After taxes, you're taking hime less than that. Factoring in taxes and the discount for lump sum payment, you wind up with about 40% of the listed jackpot, so a 1.3 billion pot means you take home about 520m....which at ten percent would earn 52m/yr...if you get that good of a return. Or- you could take the annuity which would automatically pay out 52m/yr for the next 25 years.
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Just open up 7,500 individual accounts of $100k each. Problem solved!

 

My wife has a relative who won a few mil back in the 80s. They did the 20 year annuity. Worked out well for them.

I think several different accounts in diff countries could protect you against any collapse. 

 

It's such a weird situation because people who have that kind of networth would almost never be that liquid. Amassed over time, have proxies for wealth like real estate, earned income, investment income, equity and bonds. 

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After I took care of my mom and brothers and my newborn niece,  good luck finding me on my 50 million dollar Yacht with a helicopter pad. My biggest problem would be my wife. She has such a huge heart and wants to help everyone. She would end up giving it all away if I left it to her.

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After I took care of my mom and brothers and my newborn niece, good luck finding me on my 50 million dollar Yacht with a helicopter pad. My biggest problem would be my wife. She has such a huge heart and wants to help everyone. She would end up giving it all away if I left it to her.

The only solution would be to divorce her. That way she can only get half! :lol:

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The only solution would be to divorce her. That way she can only get half! :lol:

I actually thought about doing a post-nuptial and putting her half in a trust so she wouldn't loose it all and at the same time protecting my half from divorce. LOL Ahh the fantasy of it....

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After taxes, you're taking hime less than that. Factoring in taxes and the discount for lump sum payment, you wind up with about 40% of the listed jackpot, so a 1.3 billion pot means you take home about 520m....which at ten percent would earn 52m/yr...if you get that good of a return. Or- you could take the annuity which would automatically pay out 52m/yr for the next 25 years.

Yes, point still stands, for me there is enough money not to worry about how to make more of it. I'm just all 'bout protecting it at that point. 

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Is there a need to take the cash option with a prize this enormous? Seems like unless you really know how to manage money finding a home for that much cash all at once would be a bear of a task. Plus, the annuity at this point has to be something like 40 million a year right?

I always think about that. It would be a full time job just trying to line up enough financial institutions to take that much money. And then trying to stay on top of it

I would probably take the allowance option.

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After I took care of my mom and brothers and my newborn niece, good luck finding me on my 50 million dollar Yacht with a helicopter pad. My biggest problem would be my wife. She has such a huge heart and wants to help everyone. She would end up giving it all away if I left it to her.

I read this as "after I left her" lmao

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